Bitcoin surged to a new high of over $94,000 on Nov. 19, fueled by the debut of options contracts on BlackRock's iShares Bitcoin Trust ETF (IBIT). Nearly $1.9 billion in notional exposure was traded via 354,000 contracts on the first day, a figure Bloomberg analyst James Seyffart highlighted as unprecedented. The put/call ratio was 0.225, indicating a strong bullish sentiment. Analysts suggest the options launch spurred significant buying in both the ETF and spot Bitcoin. Grayscale is set to introduce similar options on Nov. 20, adding to the market's momentum.